Bucharest is the 5th most attractive market out of 20 cities in CEE-12 in terms of the interest of the main operators to invest in new hotel facilities in the next period, according to Cushman & Wakefield.
Romanian capital remains a priority destination for operators that want to establish or grow their market presence in Romania’s capital, while Cluj-Napoca received moderate interest.
Bucharest’s hotel market surged in H1 2023, with RevPAR up over 43% compared to H1 2022. The sector matched pre-pandemic levels and occupancy rates also rebounded by about 13% in H1 2023 vs H1 2022.
Improved hotel quality, including renovations and new luxury options, along with midscale to upscale additions from Marriott, Accor, and local players, fueled this success.
Hotel operators express positive sentiments about the future performance of hotels in Bucharest, particularly for the Luxury and Upper-Upscale classes, with 71% and 82% of respondents being optimistic or very optimistic.